A limit order allows you specify the quantity of the asset to trade at a certain price.
Limit buy orders must have a trigger price lower than the current price, essentially meaning you are waiting for the asset to fall to your preferred entry.
Limit sell orders must have a trigger price greater than the current price, essentially meaning you are waiting for the price to rise up to a level where you would want to sell. This type of order is also commonly known as a take profit.
An example of a limit buy order would be that if you wanted to purchase 1 BTC and expect its price to drop from $6,000 AUD to $5,000 AUD then you would place an order for 1 Bitcoin with a limit price of $5,000 AUD/BTC. This trade will not be executed unless bitcoin drops to or below $5,000 AUD.
Furthermore, we don't charge any commission fees on orders that haven't executed. As such, you won't be charged for this trade until the market conditions allow the order to execute. Additionally, these orders will stay open until the market conditions allow them to execute at which point your account will be charged for the cost of the order. If the order hasn't executed, you are welcome to cancel the order via the Order History page on the left hand menu if you would like to via the button shown below.
Finally, there is no extra fee charged for setting these orders or cancelling them as the only fee charged is the 0.6% commission fee charged when the order is triggered.
If you would like any further information on the different types of orders we currently offer or liquidity, please don't hesitate to get in contact with us via live-chat.